Broad Money (M2)

Provisional Data on Monetary Aggregates as on Aug 02, 2024

(Million Rupees)
Flows Monetary Impact Since
Stocks at
Components End-June 2024R FY23 FY24R
1st July to
2-Aug-24 4-Aug-23
A. Currency in Circulation 9,153,099 1,576,273 4,360 -107,828 -406,386
B. Other Deposits with SBP 167,327 16,772 55,235 -17,319 -11,565
C. Total Deposits with Banks1 27,264,506 2,327,574 5,002,083 -1,047,993 -209,659
(i) Demand Deposits 24,861,190 2,243,076 4,858,913 -1,056,973 -127,251
(ii) Time Deposits7 1,026,503 -229,979 293,626 -33,312 -84,723
(iii) Residents Foreign Currency Deposits (RFCDs) 1,376,812 314,478 -150,456 42,291 2,316
Broad Money (M2) (A+B+C) 36,584,931 3,920,620 5,061,678 -1,173,140 -627,609
Growth 14.20% 16.06% -3.21% -1.99%
Factors Affecting Broad Money (M2)
A. Net Foreign Assets of the Banking System -2,157,049 -1,934,497 530,689 -154,148 323,647
(i) State Bank of Pakistan2 -1,415,474 -1,453,526 597,960 -45,107 402,841
(ii) Scheduled Banks -741,574 -480,971 -67,272 -109,041 -79,194
B. Net Domestic Assets of the Banking System (1+2+3) 38,741,980 5,855,117 4,530,989 -1,018,992 -951,256
(i) State Bank of Pakistan 11,742,584 3,607,649 -148,473 -158,511 -721,850
(ii) Scheduled Banks 26,999,396 2,247,469 4,679,462 -860,481 -229,406
Growth 20.65% 13.24% -2.63% -2.78%
1. Net Government Sector Borrowings (a+b+c) 31,087,283 4,100,247 7,364,186 107,559 12,534
a. Borrowings for Budgetary Support 3 29,732,355 3,747,924 7,477,963 302,377 134,442
(i) From SBP 4,535,126 108,655 -714,961 41,494 -485,435
a) Federal Government 5,426,598 195,900 -495,969 -76,154 -535,115
of which deposits with SBP -869,781 283,819 -144,542 -193,384 -339,003
b) Provincial Government -840,494 -89,511 -203,165 140,374 66,168
Balochistan Government -41,987 3,251 -28,687 -13,364 -18,960
Khyber Pakhtunkhwa Government -59,667 -57,961 -667 4,470 277
Punjab Government -627,553 -26,043 -161,458 182,140 87,579
Sindh Government -111,287 -8,759 -12,354 -32,872 -2,728
c) AJK Government -30,893 412 -16,535 -15,124 -10,685
d) Gilgit-Baltistan -20,084 1,854 708 -7,602 -5,802
(ii) From Scheduled banks 25,197,229 3,639,270 8,192,924 260,883 619,877
a) Federal Government 26,866,638 3,716,608 8,519,916 284,396 653,997
of which deposits with banks4 -2,709,578 -340,572 -348,931 -53,881 -89,674
b) Provincial Government -1,669,409 -77,338 -326,992 -23,513 -34,119
of which deposits with banks4 -1,670,433 -77,338 -326,992 -23,513 -34,119
b. Commodity Operations 1,378,320 352,254 -107,589 -193,540 -121,357
c. Others -23,392 69 -6,188 -1,278 -551
2. Credit to Non-Government Sector (a+b+c+d) 11,664,684 646,750 322,095 -402,480 -224,683
a. Credit to Private Sector** 9,531,308 208,285 364,215 -342,172 -125,326
Conventional Banking Branches 6,732,983 185,534 165,503 -235,109 -75,635
Islamic Banks 1,868,126 448,442 157,403 -81,315 -29,022
Islamic Banking Branches of Conventional Banks 930,199 -425,691 41,309 -25,749 -20,669
b. Credit to Public Sectors Enterprises (PSEs) 1,705,638 293,724 18,468 1,364 -58,464
c. PSEs Special Account-Debt Repayment with SBP -24,244 0 0 0 0
d. Credit to NBFIs6 451,982 144,741 -60,587 -61,672 -40,893
3. Other Items (net) -4,009,987 1,108,120 -3,155,292 -724,071 -739,107
Broad Money (M2) (A+B) 36,584,931 3,920,620 5,061,678 -1,173,140 -627,609
Growth 14.20% 16.06% -3.21% -1.99%

Memorandum Items
Accrued profit on SBP holdings of government securities/ Charges/
261,243 205,505 -48,575 113,383 113,888
Revaluation
Outstanding amout of MTBs (realized value in auctuions) 7,542,978 -377,470 2,427,441 199,381 578
Net Government Budgetary Borrowings (cash basis) 29,085,546 3,532,306 7,222,464 159,121 -11,492
From SBP 4,273,883 -96,850 -666,386 -71,890 -599,323
From Scheduled Banks 24,811,664 3,629,156 7,888,850 231,011 587,831
P: Provisional
1/ Excluding inter-bank deposits, deposits of governments and foreign constituents.
2/ Quarter end NFA data includes interest accrued on Asian Clearing Union (ACU) balance, SDRs allocation, SDRs holdings, fund facilities and accrued expenses on portfolio investment account.
3/ Government’s borrowing net of Federal, Provincial, Azad Kashmir’s and Gilgit-Baltistan’s deposit with SBP and Scheduled Banks. The (-) sign in govt. deposits shows a credit balance whereas (+) sign shows
their debtor/withdrawal from the system
4/ Data on government deposits and RFCDs with scheduled banks are available only on monthly basis therefore, the previous month data were repeated in subsequent weeks till the availability of latest month
data.
5/ An amount of Rs. 40,968 million for the payment of government letters of credit (LCs) payable in subsequent weeks after June 30, 2022 has been classified as ‘government deposits’ in the monetary data;
this same amount was classified as ‘other deposits’ in SBP annual financial statements.
6/ W.e.f. June 30, 2022 scheduled banks' credit to NBFIs, earlier reported under Credit to Private Sector, is reclassified as Credit to NBFIs to harmonize this weekly report with Monthly Credit / Loans Classified
by Borrower.
7/ W.e.f. February 24, 2023, other time liabilities - subject to SLR reclassified into other time liabilities - not subject to SLR which decreased time deposits with offsetting impact on other items net.
8/ W.e.f. January 06, 2023. Faysal Bank Ltd. classified into Islamic Bank
9/ Total may differ due to rouding off.
Government’s borrowing mechanisms from the banking system are as follows:-
Borrowings from scheduled banks is mainly through fortnightly auctioning of Market Treasury Bills (MTBs) of 3, 6 and 12-month maturities. Government of Pakistan also borrows long-term by quarterly
auctioning of Pakistan Investment Bonds (PIBs)/Sukuk of 3, 5, 10, 15, 20 and 30 years maturities.
** Note: Islamic Financings, Advances (against Murabaha etc), Inventories and any Other related item(s) pertaining to Islamic Financing previously reported under Other Assets has been reclassified as credit
to private sector.Details of reclassifications/revisions are available in revision study on SBP website at :
www.sbp.org.pk/ecodata/Revision_Monetary_Stats.pdf
Source: Based on weekly returns of scheduled banks for the week ending Friday.
Contact Person: Mian Muhammad Irfan (Sr. Joint Director), Core Statistics Department, Monetary & Financial Statistics email: feedback.statistics@sbp.org.pk
Division, Phone: +92 21 3313 8220